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Oman Shipping Company Invests in Three New Generation VLCC Vessels

Oman Shipping Company (OSC), a member of the ASYAD Group, has announced the signing of an agreement with South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME) to build three Very Large Crude Carriers (VLCC) as part of a fleet renewal strategy.

Through its new assets, OSC will increase its competitive advantage in the market – providing customers with additional high-quality, economical and technologically-advanced vessels. Once operational, OSC predicts that the three VLCC newbuilds will increase company oil shipping revenues by 10 per cent. Long-term contracts with international oil majors are already in place for all ships.

Mr. Sung Geun Lee, President and CEO Daewoo Shipping & Marine Engineering (DSME) and ASYAD Group CEO, Mr. Abdulrahman Al Hatmi.

Today’s announcement has been made possible by Oman Shipping Company’s commitment to re-invest revenue in growth – increasing connectivity between Oman’s ports and global ports in response to expanding customer demand.

Each of the vessels will be 336-meters-long and 60-meters-wide and will be able to hold 300,000 tons of cargo. All of the new orders will also meet future environmental requirements – including IMO 2020 standards – as well as benefit from DSME’s market-leading efficient-design for newbuilds.

ASYAD’s OSC is an integral part of Oman’s drive to become a top-ten global logistics hub, and is supporting the integration of all supply chain activities in the Sultanate – providing customers with rapid and unrivalled distribution capabilities across the Middle East, as well as acting as the region’s business-sense gateway to global markets.

Mr. Sung Geun Lee, President and CEO Daewoo Shipping & Marine Engineering (DSME) and ASYAD Group CEO, Mr. Abdulrahman Al Hatmi.

Signing the agreement with DSME on behalf of OSC, ASYAD Group CEO Abdulrahman Al Hatmi commented:

Oman Shipping Company’s capabilities and customer offering are growing from strength to strength in response to increasing demand. OSC’s fleet renewal programme reflects the company’s commitment to high-quality services, enhanced global connectivity and industry-leading competitiveness”.
Source: ASYAD Group

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